Pinnacle Financial Partners and Synovus Financial Corp. have announced a definitive all-stock agreement valued at $8.6 billion, marking one of the largest financial mergers in the Southeast. The transaction aims to form a top-performing regional bank, focused on growth in key Southeastern U.S. markets.
The combined company will operate under the Pinnacle Financial Partners and Pinnacle Bank brands. Kevin Blair, current Chairman, CEO, and President of Synovus, will become CEO of the new entity. Terry Turner, President and CEO of Pinnacle, will assume the role of Chairman of the Board.
Under the agreement, shareholders of both institutions will receive shares in a newly formed parent company. The exchange ratio stands at 0.5237 Synovus shares for each Pinnacle share, valuing Synovus shares at $61.18. Post-transaction, Pinnacle shareholders will hold 51.5% and Synovus shareholders 48.5% of the combined firm.
This banking merger is expected to be 21% accretive to Pinnacle’s operating EPS by 2027 and aims to deliver a tangible book value earn-back within 2.6 years. It is also expected to be tax-free for both sets of shareholders.
“This combination reinforces our commitment to excellence in client service and sustained growth,” said Terry Turner. “By joining forces with Synovus, we are creating a powerhouse positioned for long-term market leadership in Southeast regional banking.”
Kevin Blair added, “We are multiplying not just combining our strengths. Together, we bring decades of strong execution and client trust, ready to accelerate growth and shareholder returns.”
Both firms have already aligned their operating models, executive teams, and community strategies. Their integration plans include shared decision-making authority, local market leadership, and a unified culture aimed at expanding deposits and loans across high-growth Southeastern metros.
This merger will create the largest bank holding company in Georgia and the largest bank in Tennessee. Their footprint includes top-5 market share in 10 of the region’s 15 fastest-growing metropolitan areas. Projections estimate household growth in these markets to exceed the national average by 170% through 2030.
Both Pinnacle and Synovus consistently rank among the top financial institutions for associate satisfaction and customer service. Combined, they received 45 Greenwich Best Brand Awards in 2025 and have earned top workplace recognition from Forbes, Fortune, and Great Place to Work®.
The leadership team will include:
- Terry Turner as Chairman of the Board
- Kevin Blair as President and CEO
- Jamie Gregory (Synovus) as CFO
- Rob McCabe (Pinnacle) as Vice Chairman and Chief Banking Officer
Regional leaders will oversee local markets from Georgia to Florida, each with deep experience in financial services and commercial banking.
The combined company will continue community investments across Columbus, Nashville, and Atlanta, maintaining its commitments to affordable housing, small business support, and financial inclusion. Its common stock will trade on the NYSE under the ticker PNFP.
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News Source: Businesswire.com
